1. Southern Company
2nd Quarter 2004 Earnings
June 30, 2004
Contents
Press Release 1
Business Outlook 4
Financial Highlights 8
Factors Affecting Earnings 8
Analysis of Consolidated Earnings 9
Kilowatt Hour Sales 9
Financial Overview 10

2. News
Media Contact: Marc Rice
404-506-5333 or 1-866-506-5333
media@southerncompany.com
www.southerncompany.com
Investor Relations Contact:
Glen Kundert
404-506-5135
gakunder2@southernco.com
July, 28, 2004
Southern Company second quarter earnings meet expectations
ATLANTA – Southern Company today said its second quarter earnings were $352
million, or 48 cents per share, in line with analysts’ expectations. The results compared
with earnings – excluding a one-time gain in 2003 – of $349 million, or 49 cents per
share, in the second quarter a year ago.
The 2003 results included a one-time after-tax gain of $88 million related to the
termination of all long-term wholesale power contracts with Dynegy, Inc. After adjusting
for revenues that would have been recognized in 2003 had the contracts remained in
place, the adjusted gain for 2003 was $83 million, or 11 cents per share. Including the
impact of the Dynegy settlement, reported earnings for the second quarter of 2003 were
$432 million, or 60 cents per share.
Earnings for the first six months of this year were $683 million, or 93 cents per share,
compared with earnings – excluding the gain from ending the Dynegy contracts – of $647
million, or 90 cents per share, in the same period a year ago. Including the gain from the
Dynegy settlement, earnings for the first six months of 2003 were $730 million, or $1.01
per share.
Warmer weather in the second quarter, compared with last year, helped boost demand for
electricity and contributed positively to earnings. Temperatures in this year’s second
quarter were slightly above normal, while mild weather in the second quarter last year
had reduced demand by retail customers.

3. Continued customer growth of 1.8 percent also contributed positively to second quarter
earnings. Southern Company served 4.2 million customers as of June 30, compared with
4.1 million a year ago.
These positive earnings drivers were offset in part by increased expenses. These related
primarily to the timing of operations and maintenance costs, as some maintenance
projects, not completed in 2003 and earlier this year, were performed in the second
quarter of 2004.
“Our businesses continued to perform well overall in the second quarter, giving us solid
results and keeping the company on track to deliver on our financial and operational
goals for the year,” said David M. Ratcliffe, chairman, president and chief executive
officer.
“We remain committed to the strategy that has rewarded investors and provided our
customers reliable, affordable energy with outstanding service,” Ratcliffe added, noting
that during the second quarter it was announced that Southern Company had, for the fifth
straight year, been rated highest in customer satisfaction in the American Customer
Satisfaction Index survey of residential customers representing 29 U.S. utilities.
Second quarter revenues were $3.01 billion, compared with $2.82 billion in the same
period a year ago. Revenues for the first six months of this year were $5.74 billion,
compared with $5.36 billion in the first half of 2003.
Kilowatt-hour sales to retail customers in Southern Company's four-state service area
increased 5.3 percent in the second quarter, compared with the same period in 2003.
Residential electricity use increased 8.5 percent. Electricity use by commercial customers
-- offices, stores and other non-manufacturing firms – increased 5.1 percent. Industrial
energy use increased 3.0 percent.
Total sales of electricity to Southern Company's customers in the Southeast, including
wholesale sales, increased 4.6 percent, compared with the second quarter last year.
In conjunction with this earnings announcement, Southern Company has posted on its
Web site a package of detailed financial information on its second quarter performance.
These materials are available at 7:30 a.m. EDT July 28 at www.southerncompany.com.
Southern Company's financial analyst call will be at 1 p.m. EDT July 28, at which time
Ratcliffe and Chief Financial Officer Tom Fanning will discuss earnings and earnings
guidance as well as provide a general business update. Investors, media and the public
may listen to a live Webcast of the call at www.southerncompany.com. A replay of the
Webcast will be available at the site for 12 months.
With more than 4 million customers and nearly 39,000 megawatts of generating capacity,
Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy

4. company in the Southeast and a leading U.S. producer of electricity. Southern Company
owns electric utilities in four states, a growing competitive generation company, an
energy services business and a competitive retail natural gas business, as well as fiber
optics and wireless communications. Southern Company brands are known for excellent
customer service, high reliability and retail electric prices that are 15 percent below the
national average. Southern Company has been named three consecutive years No. 1 on
Fortune magazine’s “America’s Most Admired Companies” list in the Electric and Gas
Utility industry. Southern Company has been ranked the nation’s top energy utility in the
American Customer Satisfaction Index five years in a row. Southern Company has more
than 500,000 shareholders, making its common stock one of the most widely held in the
United States. Visit the Southern Company Web site at www.southerncompany.com.
Forward Looking Statements Note:
Certain information contained in this release is forward-looking information based on current expectations
and plans that involve risks and uncertainties. Forward-looking information includes, among other things,
statements concerning continued customer growth, Southern Company’s ability to achieve financial and
operational targets for 2004 and the company’s strategies. Southern Company cautions that there are
certain factors that can cause actual results to differ materially from the forward-looking information that
has been provided. The reader is cautioned not to put undue reliance on this forward-looking information,
which is not a guarantee of future performance and is subject to a number of uncertainties and other
factors, many of which are outside the control of Southern Company; accordingly, there can be no
assurance that such indicated results will be realized.
The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K
for the year ended Dec. 31, 2003, and subsequent securities filings, could cause results to differ materially
from management expectations as suggested by such forward-looking information: the impact of recent and
future federal and state regulatory change, including legislative and regulatory initiatives regarding
deregulation and restructuring of the electric utility industry and also changes in environmental, tax and
other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes
in application of existing laws and regulations; current and future litigation, regulatory investigations,
proceedings or inquiries, including the pending EPA civil actions against certain Southern Company
subsidiaries and current IRS audits; the effects, extent and timing of the entry of additional competition in
the markets in which Southern Company’s subsidiaries operate; the impact of fluctuations in commodity
prices, interest rates and customer demand; available sources and costs of fuels; ability to control costs;
investment performance of Southern Company’s employee benefit plans; advances in technology; state and
federal rate regulations and pending and future rate cases and negotiations; effects of, and changes in,
political, legal and economic conditions and developments in the United States, including the current state
of the economy; the performance of projects undertaken by the non-traditional business and the success of
efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that
may be pursued; potential business strategies, including acquisitions or dispositions of assets or
businesses, which cannot be assured to be completed or beneficial to Southern Company or its
subsidiaries; the ability of counterparties of Southern Company and its subsidiaries to make payments as
and when due; the ability to obtain new short- and long-term contracts with neighboring utilities; the direct
or indirect effect on Southern Company’s business resulting from the terrorist incidents on Sept. 11, 2001,
or any similar incidents or responses to such incidents; financial market conditions and the results of
financing efforts, including Southern Company’s and its subsidiaries’ credit ratings; the ability of Southern
Company and its subsidiaries to obtain additional generating capacity at competitive prices; weather and
other natural phenomena; the direct and indirect effects on Southern Company’s business resulting from
incidents similar to the August 2003 power outage in the Northeast; and the effect of accounting
pronouncements issued periodically by standard-setting bodies.
###

5. Page 4
Southern Company Business Outlook
Strategy focused on the business, markets and customers we know best
1. Regulated retail business
− Transmission, distribution and over 34,000 MW of regulated generation
within our five operating companies.
− More than 4 million utility customers in Alabama, Georgia, Florida and
Mississippi.
− Annual revenues of over $11 billion and approximately 26,000 employees.
− Average long-term demand growth in our service territory projected to be 2
percent.
− Average long-term customer growth projected to be 1.5 percent per year.
2. Competitive wholesale generation business
− Strategically focused on competitive wholesale energy business in the Super
Southeast.
− Competitive wholesale generation net income includes Southern Power
Company’s results in addition to the existing wholesale businesses in our five
operating companies.
− 4,777 MW of capacity owned by Southern Power Company.
Goals for our Major Businesses
1. Lead the industry in service and customer satisfaction.
2. Earn superior risk adjusted returns.
3. Earn net income of at least $300 million from the company’s competitive
wholesale generation business by 2007.
See caution regarding forward looking statements on page seven of this document

6. Page 5
Financial Goals for the Company
1. Earnings per Share Growth – 5% average long-term growth
2. Return on Equity – top quartile of electric utilities
3. Dividend Payout – target 70%
4. Dividend Growth – consistent with our payout objectives
5. Capital Structure – maintain common equity ratio of approximately 40%
2004 EPS Guidance: $1.94 - $1.99
This range is based on our 5% average long-term growth target and provides for
normal variability which might result from:
• Moderate weather variances
• Changes in energy prices
• Economic recovery (reflected in industrial sales and customer growth)
• Other items within the scope of normal operations
Projected Sources and Uses of Funds from 2004 to 2006
Sources 2004-2006
($ Billions)
Funds from Operations $9.0
Equity Issuances 0.1
Net Debt and Preferred 1.1
$10.2
Uses
Capital Expenditures: $7.0
Detailed Breakout Page 6
Common Dividends 3.2
$10.2
See caution regarding forward looking statements on page seven of this document

7. Page 6
Projected Capital Expenditures 2004 – 2006
($ Billions)
Regulated Infrastructure
Fossil/Hydro Retrofits 0.7
Environmental 1.4
Nuclear Fuel & Retrofits 0.5
Transmission & Distribution 3.0
All Other 0.7
Total Regulated Infrastructure $6.3
0.6
Competitive Generation
0.1
Products/Services & Other
$ 7.0
Total Capital Expenditures
Credit Ratings
S&P Moody’s Fitch
Senior Commercial Senior Commercial Senior Commercial
Unsecured Paper Unsecured Paper Unsecured Paper
Alabama Power A A-1** A2 P-1** A F-1**
Georgia Power A A-1* A2 P-1* A+ F-1*
Gulf Power A A-1* A2 P-1* A F-1*
Mississippi Power A A-1* A1 P-1* AA- F-1*
Savannah Electric A A-1* A2 P-1* - -
Southern Power BBB+ A-2 Baa1 P-2 - -
Southern Company A- A-1 A3 P-1 A F-1
*Commercial Paper issued through Southern Company Funding Corporation
**Alabama Power can issue commercial paper through the Southern Company Funding Corporation or through its own
commercial paper program.
See caution regarding forward looking statements on page seven of this document

8. Page 7
Forward Looking Statement Disclosure:
All of the information contained in this Business Outlook is forward-looking information
based on current expectations and plans that involve risks and uncertainties. Southern Company
cautions that there are certain factors that can cause actual results to differ materially from the
forward-looking information that has been provided. The reader is cautioned not to put undue
reliance on this forward-looking information, which is not a guarantee of future performance and
is subject to a number of uncertainties and other factors, many of which are outside the control of
Southern Company; accordingly, there can be no assurance that such indicated results will be
realized.
The following factors, in addition to those discussed in Southern Company’s Annual
Report on Form 10-K for the year ended Dec. 31, 2003, and subsequent securities filings, could
cause results to differ materially from management expectations as suggested by such forward-
looking information: the impact of recent and future federal and state regulatory change,
including legislative and regulatory initiatives regarding deregulation and restructuring of the
electric utility industry and also changes in environmental, tax and other laws and regulations to
which Southern Company and its subsidiaries are subject, as well as changes in application of
existing laws and regulations; current and future litigation, regulatory investigations,
proceedings or inquiries, including the pending EPA civil actions against certain Southern
Company subsidiaries and current IRS audits; the effects, extent and timing of the entry of
additional competition in the markets in which Southern Company’s subsidiaries operate; the
impact of fluctuations in commodity prices, interest rates and customer demand; available
sources and costs of fuels; ability to control costs; investment performance of Southern
Company’s employee benefit plan; advances in technology; state and federal rate regulations and
pending and future rate cases and negotiations; effects of, and changes in, political, legal and
economic conditions and developments in the United States, including the current state of the
economy; the performance of projects undertaken by the non-traditional business and the success
of efforts to invest in and develop new opportunities; internal restructuring or other restructuring
options that may be pursued; potential business strategies, including acquisitions or dispositions
of assets or businesses, which cannot be assured to be completed or beneficial to Southern
Company or its subsidiaries; the ability of counterparties of Southern Company and its
subsidiaries to make payments as and when due; the ability to obtain new short- and long-term
contracts with neighboring utilities; the direct or indirect effect on Southern Company’s business
resulting from the terrorist incidents on September 11, 2001, or any similar incidents or
responses to such incidents; financial market conditions and the results of financing efforts,
including Southern Company’s and its subsidiaries’ credit ratings; the ability of Southern
Company and its subsidiaries to obtain additional generating capacity at competitive prices;
weather and other natural phenomena; the direct or indirect effects on Southern Company’s
business resulting from incidents similar to the August 2003 power outage in the Northeast or
any similar such incidents; and the effect of accounting pronouncements issued periodically by
standard-setting bodies.

9. Page 8
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
3 Months Ended June 6 Months Ended June
2004 2003 2004 2003
(Notes) (Notes) (Notes) (Notes)
Consolidated Earnings–
(See Notes)
$ 285 $ 281 $ 528 $ 511
Retail Business
46 102
61 116
Competitive Generation
Total 331 342 630 627
Synthetic Fuels 21 19 42 28
Leasing Business 7 7 14 14
(7) (3)
(19) (22)
Parent Company and Other
$ 352 $ 349 $ 683 $ 647
Net Income - Excluding One-Time Items (See Notes)
$ 352 $ 432 $ 683 $ 730
- As Reported
Basic Earnings Per Share–(See Notes)
$ 0.48 $ 0.49 $ 0.93 $ 0.90
- Excluding One-Time Items (See Notes)
$ 0.48 $ 0.60 $ 0.93 $ 1.01
- As Reported
$ 3,010 $ 2,824 $ 5,742 $ 5,365
Operating Revenues
738 725 737 722
Average Shares Outstanding(in millions)
738 728
End of Period Shares Outstanding(in millions)
Significant Factors Impacting EPS (Notes)
3 Months Ended June 6 Months Ended June
2004 2003 Change 2004 2003 Change
$ 0.48 $ 0.49 $ (0.01) $0.93 $0.90 $0.03
Consolidated Earnings-
Significant Factors:
- 0.02
Retail Business
(0.02) (0.02)
Competitive Generation
- 0.02
Synthetic Fuels
- -
Leasing Business
0.02 0.03
Parent Company and Other
(0.01) (0.02)
Impact of Additional Shares
$ (0.01) $0.03
Total
Notes
- Excludes a one-time after tax gain of $88 million in May 2003 from the termination of all long-term wholesale power contracts
between Southern Company and Dynegy, Inc. After adjusting for revenues that otherwise would have been recognized
for the remainder of the year, the adjusted gain for 2003 was $83 million.
- Quarterly Earnings Per Share (EPS) is computed by using the current year-to-date EPS less the previous period
year-to-date EPS. As a result of using rounded numbers, the EPS for significant factors may not directly correspond
to the variance in millions of dollars shown above.
- Diluted earnings per share are not more than 1 cent for any period reported above and are not material.
- Certain prior year data has been reclassified to conform with current year presentation.
- Information contained in this report is subject to review and adjustments and certain classifications may be different
from final results published in the Form 10-Q.

10. Page 9
Southern Company
Analysis of Consolidated Earnings
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
2004 2003 Change 2004 2003 Change
Income Account-
Retail Revenue $ 2,176 $ 302 $ 4,150 $ 472
$ 2,478 $ 4,622
Wholesale Revenue 323 21 658 37
344 695
Other Electric Revenues 86 9 177 11
95 188
Contract Termination 142 (142) 142 (142)
- -
93 237
97 (4) 238 (1)
Non-regulated Operating Revenues
3,010 5,742
2,824 186 5,365 377
Total Revenues
Fuel and Purchased Power 833 231 1,661 337
1,064 1,998
Non-fuel O & M 789 49 1,505 84
838 1,589
Depreciation and Amortization 258 (25) 503 (29)
233 474
155 313
143 12 292 21
Taxes Other Than Income Taxes
2,290 4,374
2,023 267 3,961 413
Total Operating Expenses
Operating Income 801 (81) 1,404 (36)
720 1,368
Other Income, net (4) (24) (19) (36)
(28) (55)
Interest Charges and Dividends 179 1 348 (1)
180 347
160 283
186 (26) 307 (24)
Income Taxes
$ 432 $ (80) $ 730 $ (47)
$ 352 $ 683
NET INCOME AS REPORTED (See Note)
$ 349 $ 3 $ 647 $ 36
$ 352 $ 683
NET INCOME EXCLUDING DYNEGY
Kilowatt-Hour Sales
(In Millions of KWHs)
3 Months Ended June 6 Months Ended June
2004 2003 Change 2004 2003 Change
Kilowatt-Hour Sales-
48,585 46,439 4.6% 94,373 90,744 4.0%
Total Sales
39,151 37,186 5.3% 76,182 72,607 4.9%
Total Retail Sales-
11,818 10,890 8.5% 23,881 22,347 6.9%
Residential
12,724 12,107 5.1% 24,022 23,034 4.3%
Commercial
14,360 13,944 3.0% 27,780 26,730 3.9%
Industrial
9,434 9,253 2.0% 18,191 18,137 0.3%
Total Wholesale Sales
Note
- Includes in 2003 a one-time after tax gain of $88 million in May 2003 from the termination of all
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues
that otherwise would have been recognized for the remainder of the year, the adjusted gain for 2003 was $83 million.

11. Page 10
Southern Company
Financial Overview
(In Millions of Dollars)
3 Months Ended June 6 Months Ended June
2004 2003 % Change 2004 2003 % Change
Consolidated –
Operating Revenues $3,010 $2,824 6.6% $5,742 $5,365 7.0%
Earnings Before Income Taxes 512 618 -17.1% 966 1,037 -6.8%
Net Income As Reported (See Note) 352 432 -18.5% 683 730 -6.4%
Alabama Power –
Operating Revenues $1,059 $950 11.4% $2,019 $1,840 9.7%
Earnings Before Income Taxes 185 167 10.4% 337 322 4.7%
Net Income Available to Common 104 106 -2.2% 195 198 -1.7%
Georgia Power –
Operating Revenues $1,354 $1,191 13.7% $2,553 $2,317 10.2%
Earnings Before Income Taxes 259 255 1.8% 485 464 4.5%
Net Income Available to Common 156 159 -1.8% 300 292 2.7%
Gulf Power –
Operating Revenues $241 $215 12.1% $456 $413 10.4%
Earnings Before Income Taxes 30 30 0.6% 57 53 9.0%
Net Income Available to Common 19 19 1.2% 36 33 9.4%
Mississippi Power –
Operating Revenues $233 $264 -11.9% $443 $458 -3.4%
Earnings Before Income Taxes 39 87 -54.6% 68 122 -44.2%
Net Income Available to Common (See Note) 22 53 -58.7% 39 74 -47.3%
Savannah Electric –
Operating Revenues $92 $78 17.7% $165 $147 12.1%
Earnings Before Income Taxes 12 10 18.1% 17 16 8.1%
Net Income Available to Common 7 6 16.7% 10 10 7.1%
Southern Power –
Operating Revenues $182 $239 -23.3% $358 $346 3.7%
Earnings Before Income Taxes 37 130 -71.8% 81 167 -51.5%
Net Income Available to Common (See Note) 23 79 -71.7% 50 102 -51.6%
Note
- Includes in 2003 a one-time after tax gain of $88 million in May 2003 from the termination of all
long-term wholesale power contracts between Southern Company and Dynegy, Inc. After adjusting for revenues
that otherwise would have been recognized for the remainder of the year, the adjusted gain in net income for 2003
was $83 million for consolidated, $37 million for Mississippi Power, and $46 million for Southern Power.